Kane has completed its second $50 million transaction on its independent private cat bond platform, Kane SAC, with the series listed on the BSX.
This is the second issuance by Kane SAC, Kane’s Class 3 insurer, which was launched as an independent cat bond platform in August 2013.
This latest issuance has significantly upscaled Kane SAC’s offering since its first issuance in August 2013, which totalled $9.5 million and was also listed on the BSX.
Commenting on the transaction, Robert Eastham, managing director, Kane (Bermuda) says: “We are delighted to be able to announce the second notes issuance through the Kane SAC Limited Note Program less than six months since its launch. This clearly demonstrates investor need for an efficient and cost-effective mechanism for both the structuring and listing of smaller private transactions. We look forward to announcing further transactions in the coming months.”
Kane, cat bond, BSX, Bermuda, convergence